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On March 20, 2020, the International Bluegrass Music Association joined a group of nearly 40 organizations across the entertainment industry to send a unified message to Congress asking to address the needs of those in the music industry in any economic aid legislation. On March 27, 2020, The CARES Act was signed with the intent to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic. We are proud to say the bill includes multiple means of economic relief for those within the music industry. Outlined below are a few of the ways in which those in the bluegrass community might find relief. We encourage you to use this information as a springboard for your own research to determine which emergency aid best fits your economic situation.
STIMULUS PACKAGE FOR TAXPAYERS
What It Means:
Individuals earning less than $75,000 per year will receive a one-time direct payment of $1,200 (plus an additional $500 per dependent child). Married couples earning less than $150,000 per year will receive a one-time direct payment of $2,400 (plus an additional $500 per dependent child).
How To Apply:
As long as you have filed your taxes for 2018 or 2019, the IRS will deposit the money into your bank account within the next three weeks. You will also receive a notification in the mail with information about the deposit.
EXPANDED UNEMPLOYMENT BENEFITS
What It Means:
Unemployment benefits eligibility now includes those who are self-employed, part-time workers, independent contractors, and more. This means many of those in the gig economy now qualify for unemployment benefits. The base amount you can receive still depends on the state in which you live as does the amount of time you are allowed to claim benefits. However, this bill adds $600 per week from the federal government on top of your state's base amount.
How To Apply:
Apply for Unemployment Benefits through your state by clicking HERE.
LOANS FOR SMALL BUSINESSES, SOLE PROPRIETORSHIPS, INDEPENDENT CONTRACTORS, NONPROFITS, AND MORE
What It Means:
This bill has created the Paycheck Protection Program (PPP), which allows Small Business Administration (SBA) eligible entities to apply for loans up to $10,000 in order to pay for basic expenses (payroll, rent, utilities, etc.) without repayment. Because this program includes small businesses as well as independent contractors, many individuals, bands, and businesses within the gig economy may be eligible.
How To Apply:
You can apply through approved SBA lenders by filling out the COVID-19 Economic Injury Disaster Loan Application.
With nearly 250 pages, The CARES Act includes relief for student loans, nonprofits, retirement plans, and much more. You can read the full legislation HERE and view our Bluegrass Community Resource page for more links related to The CARES Act.
Stay Home, Stay Healthy, and Stay Tuned
The International Bluegrass Music Association
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